First, it was The BoJ's utter collapse from omnipotence to impotence. Then came the collapse of The Fed's credibility in the short-term. And now, in the most egregious example of total central bank failure - the 'market' has priced out any chance of a rate hike through 2018... and in fact, there is now a greater chance of a rate-cut (than rate-hike) into 2017.

Based on the Eurodollar market...

And while some hoped that Janet would clear it all up in 2 days of testimony, she just made it worse:

Actress Meryl Streep has come under fire after telling a jury at the Berlin International Film Festival that she thinks that “we’re all Africans, really”, when asked to comment on racial diversity in the film industry. The response came during a news conference on Thursday where Streep was asked to weigh in on the #OscarsSoWhite debate, and why the Berlin jury had no black members. Washingtonpost.com reports: “I am very committed to equality and inclusion of all genders, races, ethnicities, religions,” Streep said.

Talking of Oil and Gold, last week Deutsche Bank showed a long-term graph of Oil in real adjusted terms, showing that the average real price since 1861 was $47.

Following on from that, Deutsche notes one ratio they occasionally look at is the ratio of various assets to the price of Gold...

Today we update the Oil/Gold ratio back to 1865 and find that the Gold price has just hit an all time high at around 44 times the price of Oil.

 

 

The previous high of 41 in 1892 has just been exceeded.

 

Photo of book jacket by Rod Dreher

A rave review for Laurus in the LA Review of Books. Excerpt:

An exact replica of the Titanic is currently being built and has been scheduled to set sail in 2018, recreating the infamous ill-fated trans-Atlantic crossing of the original.  The Titanic II is expected to sail from Jiangsu, China to Dubai in 2018. The ship will measure 280 meters long and 52 meters high, with nine floors and 840 cabins that will carry 2,400 passengers and 900 crew member on board. Dailysabah.com reports: The man behind the project Australian billionaire and real estate magnate Clive Palmer had announced his plan in 2012 but had been postponed.